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Birkenstock Reports Record First Quarter 2024 Revenue, up 26%

LONDON, UK / ACCESSWIRE / February 29, 2024 / BIRKENSTOCK (NYSE:BIRK) will host a call to discuss fiscal first quarter 2024 results on February 29, 2024, at 8:00 a.m. Eastern Time (1:00 p.m. Greenwich Mean Time). A webcast of the call will be accessible on the Company's Investor Relations website at https://www.birkenstock-holding.com. To join the phone line, please dial 1-888-506-0062 (US) or 1-973-528-0011 (International). The access code for the call is 577904. To access the phone line replay after the conclusion of the call, please dial 1-877-481-4010 (US) or 1-919-882-2331 (International). The access code for the replay is 49781. An archive of the webcast will also be available on BIRKENSTOCK's Investor Relations website.

ABOUT BIRKENSTOCK

Birkenstock Holding plc is the ultimate parent Company of Birkenstock Group B.V. & Co. KG and its subsidiaries (the "Birkenstock Group"). BIRKENSTOCK is a global brand which embraces all consumers regardless of geography, gender, age and income and which is committed to a clear purpose - encouraging proper foot health. Deeply rooted in studies of the biomechanics of the human foot and backed by a family tradition of shoemaking that can be traced back to 1774, BIRKENSTOCK is a timeless Ā«super brandĀ» with a brand universe that transcends product categories and ranges from entry-level to luxury price points while addressing the growing need for a conscious and active lifestyle. Function, quality and tradition are the core values of the Zeitgeist brand which features products in the footwear, sleep systems and natural cosmetics categories. BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as intended by nature ("Naturgewolltes Gehen").

MEDIA CONTACT
Birkenstock Holding plc
ir@birkenstock-holding.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking" statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to our current expectations and views of future events, including our current expectations and views with respect to, among other things, our operations and financial performance. In particular, such forward-looking statements include statements relating to our fiscal year 2024 outlook. Forward-looking statements include all statements that do not relate to matters of historical fact. In some cases, you can identify these forward-looking statements by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," "aim," "anticipate," "assume," "continue," "could," "expect," "forecast," "guidance," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would" or similar words or phrases, or the negatives of those words or phrases. The forward-looking statements contained in this press release are based on the Company's management's current expectations and are not guarantees of future performance. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward- looking statements. Our actual results could differ materially from those expected in our forward-looking statements for many reasons, including: our dependence on the image and reputation of the BIRKENSTOCK brand; the intense competition we face from both established companies and newer entrants into the market; our ability to execute our DTC growth strategy and risks associated with our e-commerce platforms; our ability to adapt to changes in consumer preferences and attract new customers; harm to our brand and market share due to counterfeit products; our ability to successfully operate and expand retail stores; losses and liabilities arising from leased and owned real estate; risks relating to our non-footwear products; failure to realize expected returns from our investments in our businesses and operations; our ability to adequately manage our acquisitions, investments or other strategic initiatives; our ability to manage our operations at our current size or manage future growth effectively; our dependence on third parties for our sales and distribution channels; risks related to the conversion of wholesale distribution markets to owned and operated markets and risks related to productivity or efficiency initiatives; operational challenges relating to the distribution of our products; deterioration or termination of relationships with major wholesale partners; global or regional health events such as the COVID-19 pandemic; seasonality, weather conditions and climate change; adverse events influencing the sustainability of our supply chain or our relationships with major suppliers or increases in raw materials or labor costs; our ability to effectively manage inventory; unforeseen business interruptions and other operational problems at our production facilities; disruptions to our shipping and delivery arrangements; failure to attract and retain key employees and deterioration of relationships with employees, employee representative bodies and stakeholders; risks relating to our intellectual property rights; risks relating to regulations governing the use and processing of personal data; disruption and security breaches affecting information technology systems; natural disasters, public health crises, political crises, civil unrest and other catastrophic events beyond our control; economic conditions impacting consumer spending, such as inflation; currency exchange rate fluctuations; risks related to litigation, compliance and regulatory matters; risks and costs related to corporate responsibility and ESG matters; inadequate insurance coverage, or increased insurance costs; tax- related risks; risks related to our indebtedness; risks related to our status as a foreign private issuer and a "controlled company"; and the factors described in the sections titled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" in our Annual Report on Form 20-F filed with the Securities and Exchange Commission on January 18, 2024 as updated by our reports on Form 6-K that update, supplement or supersede such information. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

NON-IFRS FINANCIAL INFORMATION

This press release includes "non-IFRS measures" that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Specifically, we make use of the non-IFRS financial measures Adjusted EBITDA, Adjusted EBITDA Margin, Constant Currency Revenue, Adjusted EPS, Adjusted Net profit, Adjusted profit (loss) before tax, Net leverage and Net debt, which are not recognized measures under IFRS and should not be considered as alternatives to net income (loss), as a measure of financial performance or any other performance measure derived in accordance with IFRS.

We discuss non-IFRS financial measures in this press release because they are a basis upon which our management assesses our performance, and we believe they reflect underlying trends and are indicators of our business. Additionally, we believe that such non-IFRS financial measures and similar measures are widely used by securities analysts, investors and other interested parties as a means of evaluating a Company's performance.

Our non-IFRS financial measures may not be comparable to similarly titled measures used by other companies. Our non-IFRS financial measures have limitations as analytical tools, as they do not reflect all the amounts associated with our results of operations as determined in accordance with IFRS. Our non-IFRS financial measures should not be considered in isolation, nor should they be regarded as a substitute for, or superior to, measures calculated and presented in accordance with IFRS. A reconciliation is provided in the tables accompanying this press release for each non-IFRS financial measure in this press release to the most directly comparable financial measure stated in accordance with IFRS. A reconciliation is not provided for any forward-looking non-IFRS financial measures as such a reconciliation is not available without unreasonable efforts.

Birkenstock Holding plc
Consolidated Statements of Profit (Loss)
(Unaudited, In thousands of Euros, except share and per share information


Three months ended
December 31,
2023 2022
Revenue
302,924 248,490
Cost of sales
(118,056 ) (95,170 )
Gross profit
184,868 153,320
Operating expenses
Selling and distribution expenses
(103,484 ) (86,119 )
General administration expenses
(34,391 ) (22,133 )
Foreign exchange loss
(11,655 ) (30,830 )
Other income (expense), net
231 -
Profit from operations
35,570 14,238
Finance cost, net
(36,050 ) (25,098 )
Profit (loss) before tax
(480 ) (10,861 )
Income tax (expense) benefit
(6,674 ) 1,674
Net loss
(7,154 ) (9,187 )

Earnings per share
Basic
(0.04 ) (0.05 )
Diluted
(0.04 ) (0.05 )

Shares
186,920,154 182,721,369

Birkenstock Holding plc
Consolidated Statements of Financial Position
(Unaudited, In thousands of Euros)


December 31, 2023 September 30, 2023
Assets


Non-current assets


Goodwill
1,564,791 1,593,917
Intangible assets (other than goodwill)
1,661,224 1,705,736
Property, plant and equipment
295,303 286,053
Right-of-use assets
148,245 122,984
Deferred tax assets
- -
Other assets
52,045 38,234
Total non-current assets
3,721,608 3,746,924

Current assets
Inventories
644,367 595,092
Right to return assets
1,138 1,132
Trade and other receivables
79,497 91,764
Current tax assets
10,108 10,361
Other current assets
36,849 37,789
Cash and cash equivalents
169,379 344,408
Total current assets
941,338 1,080,546
Total assets
4,662,946 4,827,470
Shareholders' equity and liabilities
Total shareholders' equity
2,461,930 2,400,589
Non-current liabilities
Loans and borrowings
1,292,785 1,815,695
Tax receivable agreement liability
333,204 -
Lease liabilities
124,319 103,049
Provisions for employee benefits
2,745 2,716
Other provisions
1,807 2,074
Deferred tax liabilities
109,543 109,794
Deferred income
13,299 10,634
Other liabilities
4,688 4,338
Total non-current liabilities
1,882,389 2,048,300
Current liabilities
Loans and borrowings
23,408 37,343
Lease liabilities
31,781 27,010
Trade and other payables
104,219 123,012
Accrued liabilities
23,057 38,645
Other financial liabilities
913 7,085
Other provisions
24,574 36,495
Contract liabilities
14,995 7,018
Tax liabilities
83,659 83,332
Deferred income
- 2,680
Other current liabilities
12,021 15,961
Total current liabilities
318,626 378,581
Total liabilities
2,201,015 2,426,881
Total shareholders' equity and liabilities
4,662,946 4,827,470

Birkenstock Holding plc
Consolidated Statements of Cash Flows
(Unaudited, In thousands of Euros)

Three months ended
December 31,
2023 2022
Cash flows from operating activities


Net profit (loss)
(7,154 ) (9,187 )
Adjustments to reconcile Net profit (loss) to net cash flows
from operating activities:
Depreciation
16,171 13,097
Amortization
7,076 7,320
Finance cost, net
36,050 25,098
Net exchange differences
11,720 30,804
Non-cash operating items
2,389 910
Income tax expense
6,674 (1,674 )
Income tax paid
(3,841 ) (3,118 )
MIP(1) personal income tax paid
(11,426 ) -
Changes in working capital:
- Inventories
(66,937 ) (64,437 )
- Trade and other receivables
10,982 4,582
- Trade and other payables
(15,937 ) (38,530 )
- Accrued liabilities
(15,195 ) (4,529 )
- Other current financial liabilities
(6,172 ) (20,285 )
- Other current provision
(11,693 ) (4,876 )
- Contract liabilities
8,223 2,039
- Prepayments
(9,919 ) 8
- Other
3,565 9,606
Net cash flows provided by (used in) operating activities
(45,426 ) (53,172 )
Cash flows from investing activities
Interest received
1,216 -
Purchases of property, plant and equipment
(18,111 ) (25,711 )
Purchases of intangible assets
(488 ) (209 )
Receipt of asset-related government grant
8,739 -
Net cash flows provided by (used in) investing activities
(8,644 ) (25,920 )
Cash flows from financing activities
IPO proceeds, net of transaction costs
449,297 -
Repayment of loans and borrowings
(524,514 ) (1,995 )
Interest paid
(34,423 ) (38,972 )
Payments of lease liabilities
(8,266 ) (6,931 )
Interest portion of lease liabilities
(1,845 ) (1,340 )
Net cash flows provided by (used in) financing activities
(119,752 ) (49,240 )
Net increase (decrease) in cash and cash equivalents
(173,822 ) (128,331 )
Cash and cash equivalents at beginning of period
344,408 307,078
Net foreign exchange difference
(1,207 ) (7,686 )
Cash and cash equivalents at end of period
169,379 171,060

(1) Management Incentive Program.

Birkenstock Holding plc
Reconciliation of Revenue -
three months ended December 31, 2023
(Unaudited, In thousands of Euros)

Three months ended
December 31,

2023

2022

Growth
(%)

Constant Currency
Growth (%)(1)

B2B

140,410

117,794

19%

22%

DTC

160,655

129,435

24%

30%

Corporate / Other

1,859

1,261

n/a

n/a

Total Revenue

302,924

248,490

22%

26%

Americas

181,453

159,799

14%

19%

Europe

80,134

60,517

32%

33%

APMA

39,478

26,913

47%

51%

Corporate / Other

1,859

1,261

n/a

n/a

Total Revenue

302,924

248,490

22%

26%

Three months ended
December 31, 2023

Total Revenue

302,924

USD impact

8,740

CAD impact

626

Other currencies impact

1,287

Total Revenue @ constant currency

313,576

Revenue growth @ constant currency

26%

Birkenstock Holding plc
Reconciliation of Net profit (loss) to Adjusted Net profit (loss)
(Unaudited, In thousands of Euros, except share and per share information)


Three months ended
December 31,

2023 2022
Net profit (loss)
(7,154 ) (9,187 )
Add (Less) Adjustments:
Share-based compensation expenses(1)
3,591 -
Relocation expenses(2)
- 1,569
IPO-related costs(3)
7,294 5,343
Realized and unrealized FX gains / losses(4)
11,655 30,830
Release of capitalized transaction costs(5)
10,548 -
Tax adjustment(6)
(9,219 ) (2,045 )
Adjusted Net profit
16,714 26,509

Adj. Earnings per share
Basic
0.09 0.15
Diluted
0.09 0.15

Shares
186,920,154 182,721,369

(1) Represents share-based compensation expenses relating to the management investment plan.
(2) Represents relocation expenses which are considered non-recurring expenses and not representative of the operating performance of the business.
(3) Represents IPO-related costs, which include consulting and legal fees.
(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(5) Represents the effect of reversing capitalized transaction costs of the USD Term Loan B due to its early repayment of USD 450 million and the subsequent impact on finance costs.
(6) Represents income tax effects for the adjustments as outlined above, except for unrealized foreign exchange gain (loss) and share-based compensation expenses since these have not been treated as tax deductible in the initial tax calculation.

Birkenstock Holding plc
Reconciliation of Net profit (loss) to Adjusted EBITDA
(Unaudited, In thousands of Euros, except share and per share information)


Three months ended
December 31,

2023 2022
Net profit (loss)
(7,154 ) (9,187 )
Add:
Income tax expense
6,674 (1,674 )
Finance cost, net
36,050 25,098
Depreciation and amortization
23,247 20,417
EBITDA
58,817 34,654
Add Adjustments:
Share-based compensation expenses(1)
3,591 -
Relocation expenses(2)
- 1,569
IPO-related costs(3)
7,294 5,343
Realized and unrealized FX gains / losses(4)
11,655 30,830
Adjusted EBITDA
81,356 72,395

(1) Represents share-based compensation expenses relating to the management investment plan.
(2) Represents relocation expenses which are considered non-recurring expenses and not representative of the operating performance of the business.
(3) Represents IPO-related costs, which include consulting and legal fees.
(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

Birkenstock Holding plc
Reconciliation of Profit (loss) before tax to Adjusted Profit (loss) before tax
(Unaudited, In thousands of Euros)


Three months ended
December 31,

2023 2022
Profit (loss) before tax
(480 ) (10,861 )
Add (Less) Adjustments:
Share-based compensation expenses(1)
3,591 -
Relocation expenses(2)
- 1,569
IPO-related costs(3)
7,294 5,343
Realized and unrealized FX gains / losses(4)
11,655 30,830
Release of capitalized transaction costs(5)
10,548 -
Adjusted Profit (loss) before tax
32,607 26,880

(1) Represents share-based compensation expenses relating to the management investment plan.
(2) Represents relocation expenses which are considered non-recurring expenses and not representative of the operating performance of the business.
(3) Represents IPO-related costs, which include consulting and legal fees.
(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(5) Represents the effect of reversing capitalized transaction costs of the USD Term Loan B due to its early repayment of USD 450 million and the subsequent impact on finance costs.

Birkenstock Holding plc
Reconciliation of Net debt and Net leverage
(Unaudited, In thousands of Euros)


December 31, 2023 September 30, 2023
Loans and borrowings (Non-current)
1,292,785 1,815,695
USD Term Loan (Current)
2,980 7,347
Lease liabilities (Non-current)
124,319 103,049
Lease liabilities (Current)
31,781 27,010
Cash and cash equivalents
169,379 344,408
Net debt
1,282,485 1,608,693
Adjusted EBITDA (FY / LTM)
491,667 482,706
Net leverage
2.6x 3.3x

SOURCE: Birkenstock Holding plc



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